II KAL1>A--TA-~-o ill)

KALPATARU POWER TRANSMISSION LIMITED Factory & Registered Office :

KPTU19-20 February 10, 2020

BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street, Fort MUMBAI - 400 001.

Script Code (Equity): 522287

Listing: http://listing.bseindia.com

.,

Plot No. 101. Part-Ill, G.I.D.C. Estate, Sector-28, Gandhinagar-382 028, Gujarat. India. Tel.: +91 79 232 14000 Fax: +91 79 232 11951 /52/66/71 E-mail : mktg@kalpatarupower.com CIN: L40100GJ1981PLC004281

National Stock Exchange of India Ltd. 'Exchange Plaza', C-1, Block 'G', Bandra-Kurla Complex Sandra (E) MUMBAI - 400 051.

Script Code: KALPATPOWR

Listing: https://www.connect2nse.com/LISTING/

Sub: Outcome of Board meeting pursuant to provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") ·

Respected Sir(s),

Pursuant to Regulation 33 of the Listing Regulations, we enclose herewith the Statement of Unaudited Financial Results (Standalone & Consolidated) for the quarter and nine months ended 31 st December, 2019, duly reviewed and recommended by the Audit Committee and· approved by the Board of Directors of the Company, at their meetings held today i.e. 10th

February, 2020.

We also enclose a copy of the Limited Review Report of the Statutory Auditors of the Company oh the Unaudited Financial Results (Standalone & Consolidated) for the quarter and nine months ended 31 st December, 2019, pursuant to provisions of Regulation 33 of the Listing Regulations.

The meeting of Board of Directors commenced at 4:30 p.m. and concluded at 7:00 p.m.

We request you to take the same on record.

Thanking you,

I

Power Transmission Limited

Encl.: a/a

ISO 9001 CERTIFIED COMPANY Corporate Office : 81, Kalpataru Synergy. Opp. Grand Hyatt, Santacruz (E). Mumbai-400 055. India.

Tel.: +91 22 3064 2100 • Fax: +91 22 3064 2500 • www.kalpatarupower.com

■ KALPATARU POWER TRANSMISSION LTD. REGISTERED OFFICE: Plot No. 101, Part Ill, G.I.D.C. Estate, Sector - 28, Gandhinagar - 382 028 CIN : L40100GJ1981PLC004281

Tel Nos.: +91 79 232 14000; Fax Nos.: +91 79 232 11966 / 71 ; E Mall : cs@kalpatarupower.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

(Rs. in Crores)

For the Quarter ended For Nine Months Ended For the Year ended

Sr. Particulars December 31, September 30, December 31, December 31, December 31, March

No. 2019 2019 2018 2019 2018 31, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Revenue from operations 1,979 1,967 1,725 5,601 4,624 7,115 2 Other income 16 25 11 51 44 51 3 Total income (1+2} 1,995 1,992 1,736 5,652 4,668 7,166 4 Expenses

(a) Cost of materials consumed 889 869 705 2,416 1,855 2,949 (b) Changes in inventories of finished goods and Work-in-Progress (40) 56 (41) (70) (91) 5 (c) Erection, sub-contracting & other project

expenses 635 548 610 1,811 1,594 2,296 (d) Employee benefits expense 135 131 111 390 328 454 (e) Finance costs 42 44 31 120 87 119 (f) Depreciation and amortisation expense 28 27 23 81 62 86 (g) other expenses 152 156 155 447 427 633 Total expenses 1,841 1,831 1,594 5,195 4,262 6,542

5 Profit before exceptional Items and tax (3-4) 154 161 142 457 406 624 6 Exceptional items - gain/ (loss) 24 - - 24 - -7 Profit before tax (5+6) 178 161 142 481 406 624 8 Tax expense

Current tax 30 19 48 94 139 221 Deferred tax 11 15 2 31 2 2

9 Profit for the period (7-8) 137 127 92 356 265 401 10 other Comprehensive Income (net of tax) 2 (12) 4 (12) (5) 20 11 Total Comprehensive Income (net of tax) (9+10) 139 115 96 344 260 421 12 Paid up equity share capital (Face value of Rs. 2 each) 31 31 31 31 31 31 13 other eQuitv 3,121 14 Earnin~s per share (EPS)

(not annualised) a) Basic 8.85 8.26 6.00 23.10 17.23 26.15 bl Diluted 8.85 8.26 6.00 23.10 17.23 26.15

See accomoanvina notes to the financial results

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board at their meeting held on February 10, 2020. The same have also been subjected to Limited Review by the Statutory Auditors.

2 The Company has adopted Ind AS 116 "Leases" with effect from April 1, 2019, with a modified retrospective approach. The cumulative effect of initial application of Ind AS 116, has been adjusted in opening retained earnings on the date of application i.e. April 1, 2019, which is not material, as permitted by standard. Similar impact on the financial results of the quarter and nine months ended December 31, 2019 is also not material.

3 On November 20, 2019, the Company has completed the sale of its entire stake in Kalpataru Satpura Transco Private Limited (KSTPL). Consequently, KSTPL ceases to be a subsidiary of the Company effective from the same date.

4 Exceptional items includes -Gain on sale of investment in KSTPL and impairment of investment in one of the subsidiary company.

5 The Company is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure comprising power transmission & distribution, railway track laying & electrification, oil & gas pipelines laying, etc. Information reported to and evaluated regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessing performance focuses on the business as a whole and accordingly, in the context of Operating Segment as defined under the Indian Accounting Standard 108, there is single reportable segment.

6 The previous period's / year's figures have been regrouped/ rearranged wherever considered necessary.

Place : Mumbai Dated: February 10, 2020

-.

For and on behalf of the Board of Directors For KALPATARU POWER TRANSMISSION LTD.

M~ Managing Director & CEO

DIN:01229696

II KALPATARU POWER TRANSMISSION LTD. REGISTERED OFFICE: Plot No. 101 , Part Ill, G.I.D.C. Estate, Sector· 28, Gandhinagar• 382 028 CIN: L40100GJ1981PLC004281

Tel Noe. : +917923214000; Fax Nos.: +9179 2321rn66/71 ; E Mall: cs@kalpatarupower.com

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

{Rs. in Crores)

For the Quarter ended For Nine Months Ended For the Year ended

Sr. Particulars December September December December December March

No. 31 , 2019 30, 2019 31, 2018 31 , 2019 31, 2018 31, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) {Unaudited) {Audited)

1 Revenue from operations 3,162 3,216 2,747 9,149 7,316 10,840 2 Other income 10 13 9 31 31 44 3 Total Income {1+2) 3,172 3,229 2,756 9,180 7,347 10,884

4 Expenses (a) Cost of materials consumed 1,295 1,497 1,132 3,919 2,921 4,470 {b) Changes in inventories of finished goods and Work-

in-Progress (39) 56 (41) (69) (91) 5 (c) Erection, sub-contracting & other project

expenses 1,045 790 925 2,770 2,436 3,407

(d) Employee benefits expense 259 251 197 738 576 788 (e) Finance costs 128 133 104 383 300 401 (f) Depreciation and amortisation expense 91 79 57 246 155 211 (g) Other expenses 214 202 204 619 546 823 Total expenses 2,993 3,008 2,578 8,606 6,843 10,105

5 Profit before share of profiU{loss) of joint ventures, exceptional Items and tax (3-4) 179 221 178 574 504 779

6 Share of profiU(loss) of Joint Ventures (4) (8) (4) (18) (12) (18) 7 Profit before exceptional Items and tax (5+6) 175 213 174 556 492 761 8 Exceptional items - gain/ (loss) (3) . . (3) 9 Profit before tax ( 7 +8) 172 213 174 553 492 761 10 Tax expense

Current tax 42 33 64 132 175 278 Deferred tax (3) 43 (4) 44 (4) (4)

11 Profit for the period (9-10) 133 137 114 377 321 487 12 Other Comprehensive Income ( net of tax) 13 (17) 1 (8) 1 26 13 Total Comprehensive Income (net of tax) ( 11 + 12) 146 120 115 369 322 513 14 Net Profit attributable to

a) Owners of the Company 127 132 109 359 309 467 b) Non-Controlling interest 6 5 5 18 12 20

15 Other Comprehensive Income attributable to a) Owners of the Company 10 (15) 2 (9) (1) 24 b) Non-Controlling interest 3 (2) (1) 1 2 2

16 Total Comprehensive Income attributable to a) Owners of the Company 137 117 111 350 308 491 b) Non-Controlling interest 9 3 4 19 14 22

17 Paid up equity share capital (Face value of Rs. 2 each) 31 31 31 31 31 31 18 Other eQuitv 3,089

19 EaminQs per share (EPS) (not annualised)

a) Basic 8.21 8.58 7.10 23 .29 20.14 30.42 bl Diluted 8.21 8.58 7.10 23.29 20.14 30.42

See accomoanvina notes to the financial results

1 The above results were reviewed by the Audit Committee and approved by the Board at their meeting held on February 10, 2020. The same have also been subjected to Limited Review by the Statutory Auditors.

2 The Consolidated financial results for the quarter and nine months ended December 31 , 2018 were not subjected to review by the Statutory Auditors of the Company and were prepared by the Management.

3 The Group has adopted Ind AS 116 "Leases" with effect from April 1, 2019, with a modified retrospective approach. The cumulative effect of initial application of Ind AS 116, has been adjusted in opening retained earnings on the date of application i.e. April 1, 2019, which is not material, as permitted by standard. Similar impact on the financial results of the quarter and nine months ended December 31, 2019 is also not material.

4 On November 20, 2019, the Company has completed the sale of its entire stake in Kalpataru Satpura Transco Private Limited (KSTPL). Consequently, KSTPL ceases to be a subsidiary of the Company effective from the same date.

5 Exceptional items includes Gain on sale of KSTPL and impairment of property, plant and equipments of one of the subsidary company.

6 Business segments in consolidated results are Engineering, Procurement and Construction (EPC}, operation and maintenance of infrastructure projects (Developmental Projects).

Sr.

No.

A

B

C

D

Part:cufars

Segment Revenue

EPC Development Projects Others Total Less: Inter Segmental Revenue Net Segment Revenue

Segment Results EPC Development Projects

Others Total Less: Interest Expenses Add: Interest Income Share of profiV(loss} of Joint Ventures Profit before Tax

Segment Assets EPC Development Projects ()lhers

Total

Segment Liabilities EPC Development Projects Others Total

7 Key standalone financial information:

Particulars

1 otal Income Net Profit before tax NetFrofilafter-1aX.

For the quarter ended

DAc:Rmber September 31, 2019 30, 2019

(Unaudited) (Unaudited I

3,064 3,048 69 OJJ

31 37 3, 164 3,218

(2) (2) 3,162 3,216

256 295 34 37

4 11 294 343

(128) (133) 10 11 (4) (8)

172 213

11 ,653 I 1,258 .J. 225 3,380

538 551

15.416 15,189

9.212 8,954 2,327 2.490

303 314 11 ,842 11,758

For the quarter ended

December September 31, 2019 30, 2019

(Unaudited) (Unaudited) 1,995 ! ,992

178 161 137 i27

For Nine Months Ended

December December December 31, 2018 31, 2019 31 , 2018

(Unaudited) (Unaudited) (Unaudited)

2,606 8,776 6,920 98 275 289 43 102 108

2,747 9,153 7,317 (4) (1)

2,747 9,149 7,316

223 793 623 44 110 127

6 24 27 273 927 777

(104) (383) (300) 9 27 27

(4) (18) (12)

174 553 492

9 873 11 ,653 9,873 3,222 J ,225 3,222

GG2 538 562 13,657 15,416 13,657

7.794 9,212 7,794 2,417 2,327 2,417

350 303 350 10,561 11,842 10,561

For Nine Months Ended

December December December 31, 2018 31, 2019 31 , 2018

(Unaudited) (Unaudited) (Unaudited) 1 736 5,652 4,668

142 481 406 92 356 265

-

8 The previous period's / yea(s figures have h- nuped/ rearranged wherever considered necessary.

Place : Mumbai Dated : February 10, 2020

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QJ AHiYEDABAD ; ) 9. § )

9'rl.o. _,,,.;:,~

For and on behalf of lht= Board of Directors For KALPATARU ~ WER TRANSMISj LTD.

Manish Mollll10o:c"'lt--- =-Managing Director & CEO

DIN:01229696

(Rs. In Croresl Forthe year

ended March

31, 2019 (Audited)

10,361 141 137

10,841 (1)

10,840

975 135

33 1,143 (401)

37 (18)

761

10,131 1,318

599 14,"148

8, 108

2.426 333

10,867

(Rs. in Crores) For the year

ended March

31, 2019 (Audited)

7,166 624 '101

BS R & Co. LLP Chartered Accountants

903 Commerce House V, Near Vodafone House Prahaladnagar, Corporate Road, Ahmedabad 380 051 India

Telephone +91 (79) 4014 4800 Fax +91 (79) 4014 4850

Limited review report on Unaudited Quarterly and Year-to-date Standalone Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

To Board of Directors of Kalpataru Power Transmission Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Kalpataru Power Transmission Limited ("the Company") for the quarter ended 31 December 2019 and year to date results for the period from 1 April 2019 to 31 December 2019 ("the Statement") attached herewith, in which are incorporated the results of one joint operation, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulation").

2. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a repo11 on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 '"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. We did not review the financial infonnation of one joint operation included in the standalone financial results of the Company whose financial information reflect total revenues of Rs. 15.05 crores and Rs. 47.71 crores, total net profit after tax of Rs. 6.58 crores and Rs. 6.58 crores and total comprehensive income of Rs. 6.58 crores and Rs. 6.58 crores for the quarter ended 31 December 2019 and for the period from 1 April 2019 to 31 December 2019 respectively, as considered in the standalone financial results. The said financial infonnation has been reviewed by the other auditor whose report has been furnished to us, and our conclusion on the standalone financial results, to the extent they have been derived from such financial information is based solely on the repo11 of such other auditor and procedures performed by us as stat · n paragraph 3 above. Our conclusion on the statement is not modified in respect of the

B S R & Co (a partnership firm with Registration No. BA61223) converted Into B S R & Co. LLP (a Limited Liability, Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office: 5th Floor, Lodha Excelus Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011. India

BS R & Co. LLP

Limited review report on Unaudited Quarterly and Year-to-date Standalone Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (Continued)

5. Based on our review conducted as above and based on the consideration of the review repo1is of the

other auditors referred to in paragraph 4 above, nothing has come to our attention that causes us to

believe that the accompanying Statement, prepared in accordance with applicable accounting standards

and other recognised accounting practices and policies has not disclosed the information required to

be disclosed in tenns of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material

misstatement.

Mumbai 10 February 2020

For B S R & Co. LLP Ch ccountants

Firm's Registration No. 1 W-100022

asat Partner

Membership o. 105317 UDIN: 2.0 I 05..3 fl-AAA A AS 3:J,'62..

BS R & Co. LLP Chartered Accountants

903 Commerce House V, Near Vodafone House Prahaladnagar, Corporate Road, Ahmadabad 380 051 India

Telephone +91 (79) 4014 4800 Fax +91 (79) 4014 4850

Limited review report on Unaudited Quarterly and Year-to-date Consolidated Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of Kalpataru Power Transmission Limited

I. We have reviewed the accompanying Statement of unaudited consolidated financial results of Kalpataru Power Transmission Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its joint ventures for the quarter ended 31 December 2019 and year to date results for the period from 1 April 2019 to 3 1 December 2019 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as amended ("Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the corresponding quarier ended 31 December 2018 and corresponding period from 1 April 2018 to 31 December 2018, as reporied in these financial results have been approved by the Parent's Board of Directors but have not been subjected to review since the requirement of submission of quarterly consolidated financial results has become mandatory only from 1 April 2019.

2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" (" Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" , issued by the Institute of Chartered Accountants oflndia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the cir ar issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicab .

B S R & Co (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability, Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office: 5th Floor, Lodha Excelus Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011. India

BS R & Co. LLP

Limited review report on Unaudited Quarterly and Year-to-date Consolidated Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

4. The Statement includes the results of the following entities:

Name of subsidiaries a. JMC Projects (India) Limited b. Shree Shubham Logistics Limited c. Energylink (India) Limited d. Amber Real Estate Limited e. Adeshwar lnfrabuild Limited f. Kalpataru Satpura Transco Private Limited (upto 20 November 2019) g. Kalpataru Metfab Private Limited h. Alipurduar Transmission Limited 1. Kalpataru Power Transmission (Mauritius) Limited J. Kalpataru Power Transmission USA Inc. k. LLC Kalpataru Power Transmission Ukraine I. Kalpataru IBN Omairah Company Limited m. Kalpataru Power Transmission Sweden AB

Name of step down subsidiaries a. Saicharan Properties Limited b. Brij Bhoomi Expressway Private Limited c. JMC Mining and Quarries Limited d. Vindhyachal Expressway Private Limited e. Wainganga Expressway Private Limited f. Punarvasu Financial Services Private Limited g. Kalpataru Power DMCC, UAE h. Linjemontage i Grastorp AB (w.e.f. 29 April 2019) 1. Linjemontage Service Nordic AB (w.e.f. 29 April 2019) J. Linjemontage AS (w.e.f. 29 April 2019)

Name of Joint Ventures a. Kohima-Mariani Transmission Limited b. Jhajjar KT Transco Private Limited c. Kurukshetra Expressway Private Limited

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulationsf.\uding the manner in which it is to be disclosed, or that it contains any material

m1sstateme1~

BS R & Co. LLP

Limited review report on Unaudited Quarterly and Year-to-date Consolidated Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

6. We did not review the interim financial information of one joint operation included in the standalone unaudited financial results of the entities included in the group, whose financial statements reflect total revenues of Rs. 15.05 crores and Rs. 47.71 crores, total net profit after tax of Rs. 6.58 crores and Rs. 6.58 crores and total comprehensive income of Rs. 6.58 crores and Rs 6.58 crores for the quaiier ended 31 December 2019 and for the period from 1 April 2019 to 31 December 2019, respectively as considered in the standalone unaudited interim financial information of the entities included in the Group. The said financial infonnation of the joint operation has been reviewed by other auditor whose repo1is have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of the joint operation, is based solely on the report of such other auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

7. We did not review the interim financial information of seven subsidiaries included in the Statement, whose interim financial information reflecttotal revenues of Rs. 65.74 crores and Rs. 260.49 crores, total net loss of Rs. 16.17 crores and Rs. 83 .03 crores and total comprehensive loss of Rs 16.16 crores and Rs 83.01 crores, for the quarter ended 31 December 2019 and for the period from 1 April 2019 to 31 December 2019, respectively, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of net loss of Rs. 4.36 crores and Rs.18.28 crores and total comprehensive loss of Rs. 4.36 crores and Rs. 18.28 crores for the quarter ended 31 December 2019 and for the period from 1 April 2019 to 31 December 2019, respectively, as considered in the Statement, in respect of three joint ventures, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and joint ventures, is based solely on the rep01is of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matters.

BS R & Co. LLP

Limited review report on Unaudited Quarterly and Year-to-date Consolidated Financial Results of Kalpataru Power Transmission Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

8. The Statement includes the interim financial information of fourteen subsidiaries which have not been reviewed, whose interim financial information reflect total revenue of Rs. 164.07 crores and Rs 427.33 crores, total net profit/(loss) after tax of Rs. ( 1.12) crores and Rs. 2.27 crores and total comprehensive income of Rs. 1.67 crores and Rs. 3.49 crores for the quarter ended 31 December 2019 and for the period from 1 April 2019 to 31 December 2019, respectively, as considered in the Statement. According to the information and explanations given to us by the management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

Mumbai 10 February 2020

ForB SR & Co. LLP Chartered Accountants

Firm's Registration No. 1 1 8W/W-100022

~r-asat

Partner Membership No. 105317

UDIN: 2-0 105311 A-A-AA-4 J tJ O I 0